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Congratulations to the graduates of Momentum Financial Academy: Microenterprise Edition! All six graduating business-owners completed a four-week intensive course to establish key financial skills for growing and sustaining their microenterprise (a business with 5 employees or fewer) here in Durham. The graduates will now have the opportunity to apply for free accounting software and a grant from the City thanks to a program created by the U.S. Department of Housing and Urban Development. For more information about the program and to see if you qualify for a future cohort, please visit our Momentum 360 page.
Initially established as the Small Business Recovery Fund during the height of the COVID-19 pandemic, the Durham Small Business Opportunity Loan Fund recently crossed the $1 million lending milestone in its quest to help with the shifting small business landscape and changing needs of Durham’s entrepreneurs. There are still opportunities for businesses to receive financing through the program. Eligible businesses are those with fewer than 50 employees, including home-based businesses and food trucks, which are subject to additional criteria. Loans are only available to businesses with revenues up to $5 million according to their most recent tax filing. Read more.